As the U.S. presidential election approaches, Bitcoin ETFs experienced significant outflows, totaling $541 million on November 5, 2024. This is nearly the largest outflow on record for these investment products, second only to an outflow of $563.7 million seen earlier in May. Notably, BlackRock's iShares Trust was the exception, attracting $38.4 million in inflows while competitors faced substantial losses, including the Fidelity Wise Origin Bitcoin Fund which withdrew $138.3 million. The political uncertainty surrounding potential outcomes of the election—specifically the contrasting prospects of Donald Trump and Kamala Harris—has influenced investor sentiment, with Trump perceived as potentially more favorable for Bitcoin due to his vocal support for the cryptocurrency. Market predictions suggest volatility, with forecasts estimating Bitcoin prices could soar to $90,000 if Trump wins or drop to $50,000 under Harris. This political climate has caused fluctuations in Bitcoin's value, which fell 3.4% in the last week. Current prediction markets indicate a 62% chance of a Trump victory, adding another layer to the market's reaction as the election day unfolds.

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